My tax code is...

944L-W1 or 944L-M1

Nearly everyone is entitled to a tax-free personal allowance, which means that a certain amount of your earnings each year are paid to you without being taxed. If your tax code includes 944L, it means your allowance is £9440.

It is given to you in equal portions throughout the year according to your payment frequency. For example, if you are paid weekly, your allowance is equivalent to £182 per week.

Any earnings over and above your personal allowance will be taxed as follows:

20% on earnings up to £32,010

40% on earnings between £32,010 and £150,000

45% on earnings above £150,000

Having W1 or M1 attached to your code means it is a non-cumulative tax code. This can result in you overpaying tax, so you may wish to ask HMRC to clarify that it is the most appropriate tax code for you.

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